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Fosun: BBG Says Liquidity Good; BCP Sale Could Be Credit Positive

FINANCIALS

BBG research out this morning indicating Fosun has over USD20bn of liquidity buffer – may take stress off a BCP sale process. Ultimate takeover would likely be credit positive, we feel.

  • Fosun (656 HK) is currently trying to restructure its debt load and, as part of that, offload stakes in overseas companies. It owns 20% of BCP (BCP PL) which is currently worth around USD1bn, putting it at no.3 on Fosun’s list of “top secondary holdings”.
  • Sonangol (Angolan state oil company) also owns a 19.5% stake in BCP.
  • Caixabank and BBVA are both viewed as potential acquirers, the latter already having a major Spanish network but lags behind local rival Santander in the Portuguese banking market. A measured sale process for BCP would likely be credit positive – BBVA is A3-rated (senior unsecured) vs. BCP’s Baa2.
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